Is There Ever a Right Time to Buy a Home?

Buying a home is a big decision. Many first-time homebuyers spend months or years contemplating the purchase before they take the plunge. There are many factors to weigh – such as current employment, future life changes, mortgage rates, income and expenses – deciding when to buy is a difficult balancing act. But like starting a family, the truth is there is no ideal “right time” to buy a home. The outcome of your life is never guaranteed – even tomorrow is full of uncertainty. So if you’re waiting for the right time to buy, consider a few important points:

Life is Full of Unexpected Changes

Life is in a constant state of flux. Change happens on a daily basis, whether you want it or not. You’ll never be fully guaranteed of security in your job, your income or your life – so if you’re waiting for security, it won’t happen. You could be waiting for that management promotion… but what happens if you get the promotion and someone else buys your company and replaces all of the management personnel? What if your company goes bankrupt tomorrow? What if they restructure and eliminate your position?

There simply isn’t any certainty in life, and waiting for something specific to happen before you buy is based on false hope. Accept that your life is going to be full of unexpected changes, and do what you can to mitigate the risks – and then go for it!

You’re Losing Money While You Wait

While you’re waiting for that promotion, or waiting to meet the woman or man you want to marry, or waiting for the baby to come along – you’re losing money! Now is the perfect confluence of low mortgage prices and a housing market that is beginning to rebound. If you wait 6 months, you’ll have lost potentially thousands of dollars – or more – as prices rise and mortgage rates increase. Wait a year or two, and you could be talking tens of thousands of dollars. So stop waiting! Take advantage of the ideal housing market conditions and make NOW the right time to buy your home.